New York, USA, Sept. 06, 2021 (GLOBE NEWSWIRE) -- According to a recent report by Research Dive, the global sex toys market is forecasted to reach $49,705.7 million at the CAGR of 9.2%, rising from $24,929.0 million in 2018. The comprehensive report provides a brief overview of the current scenario of the market, including other aspects such as dynamics of the market, growth and restraining factors, challenges, and opportunities during the forecast period. The report also offers the market figures, which makes it easier and more beneficial for the new participants to understand the real-time scenario of the market.Factors Impacting the CAGR Figures Pre and during COVID-19
The report reveals the real-time CAGR registered by the market during the pandemic. According to the report, the sex toys market has recorded a CAGR of 9.2% during recent months, while it was expected to be 7.9% in the pre-COVID-19 scenario. The main factor enhancing the growth of the market is the social distancing norms imposed during the lockdown period in order to minimize the growth of the market.E-commerce segment generated for significant revenue share
The global market is segmented on the basis of distribution channel into E-commerce, specialty stores and mass merchandisers. Among these, the global market revenue share had dominated by E-commerce segment and is projected to reach up to a revenue of $29,276.6 million till 2026. Rapid growth in the E-commerce platforms along with most of the consumers are choosing online retailers because ease access for frequent purchase, this factor is driving the market growth during the projected period.Female segment accounted for highest market share in the previous years
On the basis of end uses, the global market has been categorized into female and male. In both of these, female segment heldthe global sex toys market share in previous years, which was 63.2% and is projected to continue same dominance over the global market during the forecast years. This growth is attributed to wide utilization of sexual enrichment devices by females. Besides female, male segment will witness to grow at a moderate CAGR of 9.0% and projected to generate a revenue of $18,092.9 million by 2026. The rapid growth in the availability of portable, rechargeable and noiseless devices for both males and females, which will drive the market growth in the forecast timeframe.Factors Impacting the Market Size in the Pre-COVID and Real-time Scenario
According to the report, the real-time revenue of the sex toys market has been increased compared to the pre-COVID-19 estimations. The real-time market size has reached a revenue of $29,701.5 million, while it was estimated to be $28,931.2 million in a pre-COVID analysis. With the emergence of coronavirus pandemic, many restrictions were imposed on going outside the house or meeting other people etc. As social and physical distancing became a norm, many people looked for safe alternatives for physical desires. This factor has contributed to the growth of the market during the pandemic period.Post Pandemic Insight
The global sex toys market is expected to sustain its growth post the pandemic because of its faster services during emergency situations. The major players of the market include
and many more. These players are emphasizing on the research and development, merger and acquisition, and other strategies to restore the market growth in the upcoming years.
For instance, in August 2021, Lovehoney Group, a British online retailer that sells sex toys, lingerie and erotic gifts has merged with WOW Tech Group, a global leader in the manufacturing, design, and marketing of premium intimate pleasure products to build a global sexual wellness group. The group aims at operating across APAC, EMEA, and North America, making a strong portfolio of brands, such as Happy Rabbit, Fifty Shades of Grey, We-Vibe, Womanizer, and Arcwave, as well as Swiss retailer Amorana.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
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